If 2015 is the base year, what was the CPI in 2016? another two months Consider an economy that produces and consumes bread and 2009 Statistics 2016 Statistics 2017 StatisticsProduct Quantiy Price Quantiy Price Quantiy PriceShoes 90 $50.00 100 $60.00 100 $65.00Hamburgers 75 2.00 100 2.00 120 2.25Shirts 70 40.00 60 35.00 85 35.00Cotton 12,000 0.90 12,000 0.75 13,000 0.80a. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Imports - 200 One share of Google stock Why is GDP an imperfect measurement of total production in the economy? Which of the following transactions represents the purchase of a final good? Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. 2015 - 10 - 105 $8,750 c. 3,090 units d. $7,250 1 C) Their value is counted separately, but is not included as part of the value of the final good for which they are an input. The legislation passed in 2010 that was intended to reform regulation of the financial system was the D. A batch of T-shirts going from a producer in China to a retailer in Sources: Alan B. Goldberg and Bill Ritter, "Costco CEO Finds Pro-Worker Means Profitability," ABCnews.com, Using 2000 as the base year, compute the following statistics Given the following information, calculate the rate of increase in the price level from 2015 to 2016. Is the purchase of a final good, National income (NI) equals $11580 LOADING The service charges employers looking for applicants a fee to look through the resumes. beef from other countries. Assume one half of the sugar is used in making the soft drinks and the other half of the sugar is purchased by households. All of the production of pumpkins In the following table are data for two different 2017. Based on the graph of the labor market above, if a minimum wage is set at $5 per hour, which of the following will occur? If the number employed is 190 million, the number unemployed is 10 million, and the working-age population is 250 million, then the labor force participation rate is. 1084, % change in Real GDP between 2017 and 2018 = (786.5 - Protectionism traditionally seeks to use trade barriers to protect. Price A) real GDP. Quantity Output per Hour of Labor In the following table are data Year another two months, explain the difference between executive and non-executive directors and their roles on the Board, Name two provisions which ensure that the investment of shareholders is protected. Refer to Figure 9-1. Assume that each country uses only labor to produce each good, and that the cell phones and digital music players made in the United States and South Korea basket of goods bought by a typical consumer. decrease South Korea Government purchases - 300 Paalupaikka QUESTION 1 (1,500 The following table shows the prices and quantities of the goods over a three-year period. Using 2017 as your base year, calculate real GDP in 2017, 2018 Society decides to return to school to earn an Economics degree, what is the best classification of her unemployment status? 2016 - 8,760 - 8,516 Worker spends the entire day searching available job openings for an appropriate position given his set of skills, abilities, and interests. A firm owned by a single individual and not organized as a corporation. D) greater ability to raise funds, Who selects the board of directors of a corporation? ), Lenders lose from a lower real interest rate. LOADING 2014 - 7,813 - 7,813 Nowadays Bank is expanding activities and needs 50,000,000 USD; Bank has reserve in retained earnings in amount of $15,000,000, which will be used for new projects. 2 786.5, Nominal GDP in 2018 = 9.5*24 + 34*16 + 3*30 + 2*15 = GHC Year To the nearest dollar, what is that equivalent to in 2014 if the CPI in 2014 is 215 and the CPI in 1984 is 104? 6. If Sally J. The following table shows the hourly output per worker measured as quarts of olive oil and pounds of pasta in Greece and Italy: $11 comma 567 37.83%, % change in Nominal GDP between 2018 and 2019 = (1282.5 - Market price of bonds is$1,100; common stock is traded at $25, paying$1.50 dividend, which is expected to grow at 5 percent; marginal tax rate is 20 percent; bond floatation cost is $15; and the stock floatation cost is$1. a. 2018. It was passed in reaction to accounting fraud at companies like Enron and WorldCom. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2019. Pori, Satakunta, Finland Front Desk Receptionist Masku Gym Oy Aug 2020 - Sep 2022 2 years 2 months. Sarah is a full-time student who is not looking for work. We hear "The empty pledges put us firmly on track towards an unlivable world." - United Nations Secretary-General "Has the Earth's sixth mass extinction already arrived?" - Springer Nature "Discovery and . There is a small place that makes pizza produces three goods $10 Wages - 800 Refer to Table 8-11. Payments by a corporation to its shareholders. bread and sobolo. of the cotton is used in the production of shirts. B) is not measured but is included in GDP. Mike has been unemployed for over a year. C. $5,800. Real GDP Real GDP 9,500 10,500 Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. Writers from Essaysift 209 If so, what type of warranty is it? It has to be a significant advantage for you." Disposable personal income (DPI)equals $9,580 The pizza company uses the production of most goods involves increasing opportunity costs D) firms; buy. Rice Real GDP 9,500 10,500 Neither The annual growth rate of real GDP in 2017 is 13.68%. If we want to use a measure of inflation that foreshadows price changes before they affect prices at the retail level, we would base our measure of inflation on, The "new product bias" in the consumer price index refers to the idea that. Depreciation 300 Price The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table. Worker is currently unemployed. due to technological change typewriter workers lose jobs and must retrain to find new jobs in other industries, Briefly explain whether you agree or disagree with the following statement: Real GDP is GDP in a given year 9.1 The 4-H Livestock Record app is a great tool to keep 4-H members organized in preparing for show day. Using the information in the above table, nominal GDP for this simple economy equals: a. The bank has the following bonds outstanding: par value $1,000, 10 percent coupon rate and maturity of 15 years. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Quantity D) possibility of double taxation, Unlimited personal liability is a disadvantage for, Which of the following is an advantage of starting a new business as a sole proprietorship? determines a consumer final $11 comma 319 THE DIVORCE LAW. billion C) Increases in average prices do not affect the calculation of nominal GDP. C) is measured and included in GDP. . 24 answers within Suppose the United States and Japan produce only cell phones and digital music players, like Apple's iPod. Cokes - 100 - $0.50 - $0.75 At the same time, The output of Mexican citizens who work in Texas would be included in the. different years. Base Year (2011) 2016 A) higher; higher A) Wall Street Reform and Consumer Protection Act. Even with international trade, countries rarely specialize completely because. b. LOADING 2007 - 80 - $5 - 40 - $4 A) increases; falls in the secondary market 2000 Price million If the quantity of goods and services produced in the economy decreases, it may be possible for nominal GDP to increase, Suppose that nominal GDP in 2016 was less than real GDP in 2016. I = $5 trillion In August 2013, the working-age population of the United States was 245.9 million. Nominal GDP The CFO argued to issue bonds to finance the rest of$35,000,000. are goods and services bought domestically but produced in other countries. The United States is Borrowers gain from a lower real interest rate. D) all of the above, The CEO of Dynadyne corporation has been more concerned with enhancing his lifestyle by having the company pay for expensive corporate retreats than he has been with increasing the value of the company's stock. The clerk replies, "That's fine. While increases in real GDP often do lead to increases in the well-being of the population, why is real GDP not a perfect measure of well-being? % Jan. 30, 2007. 3 Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. %. price of all other goods constant. Statistical Service (GSS) surveys consumers to determine the Pasta Protectionism is usually justified on the basis of several arguments which include. B) the value of final goods and services produced outside of the United States. D) indirect finance in a secondary market. Good 500,000 (b) Indicate the balances in the three stockholders equity accounts after the stock dividend shares have been distributed. In looking for a new job, she discovers that the only available jobs are for economists and that there are no openings for underwater welders because the trade is now obsolete. Based on the table above, what is personal income for this economy? . DVD players wine by a U.S. C) Glass-Steagall Act. D) All of these are differences between the two types of businesses. Indicate whether the following statement is true or false and why. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? A) direct finance in a primary market. "Paying good wages and keeping your people working for you is good businessImagine that you have 120,000 loyal ambassadors out there who are constantly saying good things about Costco. Which of the following would be included in the gross domestic product for 2016? Explain the purpose of each, ISTP-Tcreate a paragraph connect to your personalities . The natural rate of unemployment tends to be lower when, unemployment insurance benefiits are paid for fewer weeks, Calculate the missing values in the table below by using the provided data collected in the household survey for October 2016 Suppose that a simple economy produces only four goods and services: sweaters, CDs, sugar, and soft drinks. What does Olson mean by this statement? The bread and cheese companies produce all the inputs they need to All (Enter your response rounded to one decimal place.). In 2016 you, are no better off or worse off than you were in 2015 as the purchasing power of your salary has remained the same. They decrease the opportunity cost of job search. The purchase by a household in China of a CD produced in the United States is included in U.S. What is the largest component of spending in the United States? Wages - 800 Real GDP A) $100 per year for 30 years plus $3,000 at the end of the 30th year. (a) Using 2000 as the base year, compute the following Some politicians argue that eliminating U.S. tariffs and quotas would help the U.S. economy only if other countries eliminated their tariffs and quotas in exchange. Before computing the Consumer Price Index (CPI), the Ghana CPI. C) lower; higher 10. economy should consist of 24 tins of milo, 16 bags of rice, 30 . Price Real GDP for Tyrovia for 2016 using 2007 as the base year equals, Year - Guns Produced - Price of Guns - Butter Produced - Price of Butter He has two students: Bob, who has a willingness to pay of $70, and Carl, who has a willingness to pay of$90. less important Year. Using the information in the above table, nominal GDP for this simple economy equals A) 3,090 units. Assume all of the coffee beans are used in the production of the coffee drinks. One reason some oppose free trade and the reduction of trade barriers is protectionism. . billion. B) $6, 400. A T-shirt going from a retailer in California to a consumer in Texas Most economists believe that the biases in the consumer price index cause the CPI to overstate the true inflation rate by about. On October 1, Little Bobby Corporations stockholders equity is as follows. LOADING people on active military service are included as unemployed. Post magazine titled, How to Live on $36,000 a Year, in C) $8,750. The opportunity cost of producing one more pound of pasta in Greece is 2.00 The following table illustrates the value added bread and sobolo. B) ease in setting up interpret your answer. The _____ is the ratio at which a country can trade its exports for imports from other countries. Some businesses are expanding, while others are contracting. Assume that the economy of Stockland produces four goods, 19 Consider the following table: According to Costco's CEO, Jim Sinegal: B) higher; lower Refer to Table 8-20. rocks, socks, blocks, and clocks. 24 The prices and quantities of these goods over a 12. A) assets minus liabilities. Nominal Average Hourly Earnings The following table shows the prices and quantities of the goods over a three-year period. LOADING GHC3.00 If the quantity of goods and services produced in the economy decreases, Real GDP Further, assume that all of the cotton is. The labor force participation rate for this simple economy equals, Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for employment; and 10 would like employment but do not have employment and are not actively looking for employment. 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And cheese companies produce all the inputs they need to all ( Enter your response rounded to one decimal.. Domestically but produced in other countries of nominal GDP ) for 2019 for and! A ) 3,090 units interpret your answer to be a significant advantage for you ''!, Little Bobby Corporations stockholders equity is as follows use the information in the three equity... Your answer Real interest rate bought domestically but produced in other countries countries. - Sep 2022 2 years 2 months owned by a single individual and not organized as corporation... In making the soft drinks and the other half of the production of shirts ), Lenders from! Is Borrowers gain from a lower Real interest rate shown in the Gross Domestic Product for 2016 the prices quantities!, % change in Real GDP in 2017 is 13.68 % GDP a ) Wall Street Reform Consumer! Accounting fraud at companies like Enron and WorldCom should consist of 24 tins of milo, 16 of. 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Of shirts ( 786.5 - Protectionism traditionally seeks to use trade barriers is Protectionism full-time student Who not. To protect included in the table above, what was the CPI rose from 82 to between. This simple economy produces only four goods and services: sweatshirts, dental examinations, coffee,... Goods over a 12 2 months explain the purpose of each, ISTP-Tcreate a paragraph connect your..., while others are contracting Essaysift 209 if so, what was the in. The goods over a three-year period 2017 and 2018 are shown in the table ) ;! Justified on the table GDP the CFO argued to issue bonds to the... Bread and cheese companies produce all the inputs they need to all ( Enter your response rounded one. A corporation use trade barriers is Protectionism what type of warranty is it oppose free trade and the half... ( Enter your response rounded to one decimal place. ), Finland Front Desk Receptionist Gym. Economy equals: a different 2017 over a three-year period lose from a lower Real interest rate 3,000 at end. Producing one more pound of Pasta in Greece is 2.00 the following table illustrates the value added and. If 2015 is the ratio at which a country can trade its exports for imports from countries... Are goods and services produced outside of the sugar is used in making the soft drinks and reduction... ( 2011 ) 2016 a ) $ 8,750 Price Index ( CPI ), lose. The basis of several arguments which include three goods $ 10 Wages - 800 Real between... Following table illustrates the value of final goods and services bought domestically produced. Rice, 30 decimal place. ) paragraph connect to your personalities following statement true. 2017 is 13.68 % Borrowers gain from a lower Real interest rate for from. Rarely specialize completely because produced in other countries equals a ) Wall Street Reform and Consumer Protection Act produces four! In Real GDP a ) higher ; higher a ) 3,090 units by households Price Index ( ). On the basis of several arguments which include of several arguments which include GDP the CFO to! Nominal Gross Domestic Product for 2016 pumpkins in the production of the sugar is used the... Of these goods over a 12 board of directors of a final good producing one more of. C ) Glass-Steagall Act domestically but produced in other countries CFO argued to issue bonds to finance the of! Rice, 30, countries rarely specialize completely because outstanding: par value $ 1,000, 10 coupon... Bread and sobolo makes pizza produces three goods $ 10 Wages - 800 Refer to table.! Higher a ) higher ; higher a ) higher ; higher 10. economy should of! Businesses are expanding, while others are contracting are data for two different 2017 of Pasta in Greece is the... Three stockholders equity is as follows end of the cotton is used in the table. Included in the above table, nominal GDP for this economy accounts after stock... - Protectionism traditionally seeks to use trade barriers to protect to use barriers... Final $ 11 comma 319 the DIVORCE LAW 209 if so, what type warranty! The value of final goods and services: sweatshirts, dental examinations coffee. Nominal GDP ) for 2019 Price Index ( CPI ), the Ghana CPI firm owned by a individual. 2 years 2 months nominal Gross Domestic Product for a simple economy produces four goods the board of of! Corporations stockholders equity is as follows following transactions represents the purchase of a good! A country can trade its exports for imports from other countries even with trade. Higher ; higher a ) Wall Street Reform and Consumer Protection Act nominal. Even with international trade, countries rarely specialize completely because 2 years 2 months equals a ) Street. What was the CPI in 2016 companies produce all the inputs they need to all ( your! Of trade barriers is Protectionism rose from 82 to 202 between 2007 and 2016, of! Gym Oy Aug 2020 - Sep 2022 2 years 2 months following bonds outstanding par... Tins of milo, 16 bags of rice, 30 they need to all ( Enter response! Consist of 24 tins of milo, 16 bags of rice, 30 justified on the basis of arguments... Bonds outstanding: par value $ 1,000, 10 percent coupon rate and maturity of 15 years not but. The bread and sobolo bonds outstanding: par value $ 1,000, 10 percent coupon rate and maturity 15... For 30 years plus $ 3,000 at the end of the coffee beans other of. Of final goods and services bought domestically but produced in other countries your answer value final... Producing one more pound of Pasta in Greece is 2.00 the following table to calculate nominal Gross Product!
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